Bitcoin Price Today: Crypto Price Today Live: Bitcoin Holds $24,000; Solana and Uniswap drop 8% each

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New Delhi: Bitcoin breathed below $24,000, while Ethereum held at $1,900 ahead of its highly anticipated merger buzz on Tuesday.

The latest indignities in the crypto industry included a report that Indian regulators were investigating at least 10 crypto exchanges for allegedly helping foreign companies launder money through crypto.

Top crypto tokens were trading mixed on Tuesday afternoon. Meme tokens like Dogecoin and Shiba Inu rose 6%, while Uniswap plunged 5%. Avalanche and Polygon fell 2% each.

The global cryptocurrency market capitalization was trading slightly at the $1.14 trillion mark, dropping as much as 1% in the past 24 hours. However, the total trading volume fell by almost 6% to nearly $68.95 billion.


What’s cooking in India
ED’s investigation into alleged money laundering by crypto exchange WazirX and ensuing feuds between its promoters have exposed the “dark side” of cryptocurrencies, a government source has said.

More than 7% of Indians owned digital currency in the form of cryptocurrency in 2021, the United Nations trade and development body, UNCTAD, has revealed.

The Enforcement Directorate (ED) said it had seized assets worth Rs 370 crore belonging to a Bengaluru-based company linked to the instant loan apps case.

Expert grip

Bitcoin attempted to break above the $25,000 resistance but failed. It fell to the $24,200 level, said Edul Patel, CEO and co-founder of Mudrex. “The immediate support level is near the $23,500 area, below which there is bearish momentum,” he said.

Ethereum prices failed to stay above the $2,000 level and started a downward correction to the $1,880 level, he added. “Immediate key resistances are found at the $1,940 and $1,960 levels,” he said.

Global Updates

Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial shape than previously reported.

The decentralized finance (DeFi) platform based on Polkadot, the native stablecoin of Acala, one USD, fell 99% on Sunday after hackers exploited a bug in a newly deployed liquidity pool to hit 1.28 billion tokens.

A 29-year-old developer suspected of involvement in the US-sanctioned Tornado Cash protocol was arrested in Amsterdam on Friday, according to a statement from the Fiscal Information and Investigation Service (FIOD).

Ethereum miners face abrupt change after the network shifts to a proof-of-stake consensus mechanism from a proof-of-work system and their role effectively ends, forcing them to seek sources of alternative income, said JP Morgan.

Tech View by Giottos Crypto Platform

Ethereum (ETH), the contract-based smart platform for dApps, has been banking on the anticipation of its Merge upgrade in September. The crypto market share of ETH has surpassed 20%, with high gains of over 90% in the past 30 days. ETH is trading at $1,900 today, down 5% in the last 24 hours.

After successfully testing its horizontal resistance in mid-July, ETH created several higher lows while charting an upward trajectory towards $2,000. However, attempts to cross the coveted mark failed. So far, it has successfully stayed above its ascending trendline support, now approaching early June levels.

ETMarkets.com

ETH needs to successfully test the psychological resistance of $2,000 to attempt another relay on a price rally. Its RSI sits at a solid 63, and all technical signals point to a “buy” signal. If there is a downturn, $1,870 is the immediate support, followed by $1,770 (0.382 fib level).

The ETH/BTC pair also created new local highs, recently breaking through 0.08, breaking above the crucial resistance at 0.075. The pair is now trading at 0.078. Investors should be wary of a possibility of “selling the news” once the merger is confirmed in mid-September.

Main levels

Support: $2,000, $2,089, $2,150

Resistance: $1,870, $1,770

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)

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